Bitcoin (BTC) is the leading cryptocurrency on the market, with a market cap of $1.1 trillion. It has been available in the UAE since 2014, and its popularity increases daily. The Securities and Commodities Authority (SCA) monitors Bitcoin’s activity and regulation in the UAE. Buying, selling and holding Bitcoin in the UAE is legal. You have to take four simple steps to start trading Bitcoin: open a trading account, deposit money, buy BTC and deposit BTC on e-wallet.
This article discusses how to legally buy Bitcoin in the UAE and Dubai through an exchange or broker.
Best UAE Crypto Exchange to Buy Bitcoin
- eToro is the best overall broker to buy Bitcoin and other Cryptos
- AVAtrade offer the most versatile trading platforms
- IQ Option great all round offering
- Pepperstone has a great platform and excellent support
|RANK||BROKER||GENERAL||PLATFORM SCORE||BEST FOR||WEBSITE|
|#1||eToro||Excellent social trading features||4.9 / 5||Best overall broker||Official website|
|#2||AvaTrade||Platforms for traders at all levels||4.8 / 5||Most versatile trading platforms||Official website|
|#3||IQ Option||Access to many tradable assets||4.9 / 5||Great all round||Official website|
|#4||Pepperstone||Excellent support||4.8 / 5||Great platform||Official website|
Bitcoin UAE Exchanges in Overview
01. eToro: Best UAE Crypto Exchange
eToro is a safe online trading platform regulated by top-tier financial regulators. It is known for commission-free trades, features-rich trading platform, and advanced social copy trading features. This lets users copy trades and portfolios from other traders. eToro offers the most cryptocurrency pairs + exchange and brokerage services at the same time.
02. AVA Trade: Great Overall Offering
Founded in Dublin in 2006, AvaTrade offers average-to-competitive fee spreads and several tradable currency pairs and CFD’s over stocks. They provide several online trading platforms, each aimed towards traders with different experience and skill levels. Deposits and withdrawals are free of charge. The minimum deposit is $100. There are fees for inactivity and overnight financing.
03. IQ Option: Diverse Assets and Great Support
IQ Option is the best online broker for options trading, known for low spreads, a sophisticated trading platform, free demo account options, and responsive customer support. It is a great platform for traders looking to invest in options on a feature-rich and easy-to-use platform.The trading experience on their proprietary web, desktop, and mobile platforms is smooth. It is an easy to learn and navigate platform suitable for professional and beginning traders.
04. Pepperstone: Great Support and Platforms
Based in Melbourne, Pepperstone is a reliable Forex and CFD broker, known for its diversity of trading platforms, industry-leading pricing, fast account opening, and great support. Pepperstone users can trade many assets including BTC and other cryptocurrencies. They offer MetaTrader and cTrader trading platforms with multiple self-developed add-ons. They do not have a proprietary mobile platform, instead use MT4 and cTrader mobile apps.
How To Buy Bitcoin In UAE And Dubai
Buying Bitcoin in UAE is legal, safe and simple, but you need to choose the right broker or cryptocurrency exchange.
1. Open a Trading Account with a Broker or Cryptocurrency Exchange
Open a trading account with one of the brokers offering Bitcoin trading or on a Crypto Exchange depending if they want to buy physical BTC or CFDs. The most common and secure way to buy Bitcoin is through eToro which allows you to buy physical Bitcoin, CFDs and also offers safe storage in e-wallets.
2. Upload Your ID
Upload a copy of your government issued ID and proof of address in order to comply with KYC (know your customer) requirements.
3. Deposit Money to your trading account or crypto wallet
To deposit money to your account you’ll have to select a payment method. Exchanges have you choose between a bank account and a debit/credit card. We recommend you avoid using a credit card, as cryptocurrencies are volatile. BTC is legal in the UAE, but some banks don’t allow deposits to crypto-related sites or exchanges. It is best to verify at your local bank whether they have cryptocurrency restrictions.
4. Buy Bitcoin
After choosing a payment option, you can place an order for BTC. Exchanges offer different order types and investing opportunities: market and limit orders, stop-loss orders. Traders can buy physical BTC through an exchange and get ownership of the underlying asset (BTC).
They can also buy Bitcoin as CFD. When you buy it as CFDs you do not get ownership over the underlying asset as with physical BTC. In this case you sign a contract and bet against the broker that the price of BTC will go up or down. You take profit when you are right.
5. Store Bitcoin in your e-wallet
The safest way to store digital assets is in a e-wallet. It ensures that only you have access and control over your funds with a private key. A personal digital wallet is an excellent way to avoid the risk of losing funds because of a hacker attack. Most exchanges offer e-wallets for their customers.
How To Buy Bitcoin and Crypto With eToro?
eToro is the most popular platform for cryptocurrency trading because of zero hidden fees, copy trading tools, demo account and beginner friendly platform. There are four simple steps to buy BTC with eToro.
STEP 1: Go to the eToro official website
Click on link to the eToro crypto section here: https://www.etoro.com/crypto/
STEP 2: Click on the green “Get Started” Button
STEP 3: Create and Verify Your Account
To buy BTC through eToro you need to sign up, verify your account and make a first time deposit. This will enable you to buy, hold and sell BTC and other cryptocurrencies.
STEP 4: Buy Bitcoin (BTC)
You can buy, hold and sell fractions of Bitcoin. To own BTC you don’t need to buy a full Bitcoin. The same goes for all cryptocurrencies.
Is Bitcoin Legal In UAE?
Based one the publication D.7.3 of the Regulatory Framework for Stored Values and an Electronic Payment System, by the Central Bank of UAE from January 2017, all transactions in “virtual currencies” (encompassing cryptocurrencies in Arabic) are prohibited” and therefore Bitcoin is Illegal in UAE.
Although the UAE regulation recognises Bitcoin as Illegal, the government allows citizens to buy and trade Bitcoin staying in UAE. This means that citizens can buy, sell, and hold BTC, but they are not allowed to buy anything with this currency. People are free to own BTC and any other cryptocurrency, deposit and trade with it on an Exchange and withdraw it to AED.
Cryptocurrencies have no underlying commodity or tangible asset. These coins fall outside financial regulation. If you lose money, the UAE does not offer any financial insurance. eToro, AVAtrade, IQ Option and Pepperstone provide crypto-insurance against theft, hacker attacks, and natural disasters, but not for volatile market movement.
Can I Buy Bitcoin In UAE?
YES, everyone can buy, sell and hold Bitcoin in UAE through an exchange or broker. United Arab Emirate citizens are allowed to own BTC and any other cryptocurrency, but they are not allowed to buy anything with that currency. They only valid currency recognised by the Central Bank of UAE is the Dirham.
Can I Buy Bitcoin In Dubai?
YES, everyone can buy Bitcoin in Dubai through cryptocurrency exchanges or brokers using wire transfer or credit card deposits.
The most common way to buy Bitcoin in Dubai is to open a trading account with one of the crypto Exchanges (BitOasis, Kraken, Coinbase) or a brokerage account at one of the brokers offering BTC trading (eToro).
Can I Use Cryptocurrency to Buy Property in the UAE?
Based on the latest statement by the UAE Ministry of Economy that every use of cryptocurrencies to buy property is a potential money laundering case, you can not buy property using cryptocurrencies.
The Central Bank of the United Arab Emirates published instructions on the use of cryptocurrencies, saying that it is not “presently accepting [or acknowledging] crypto assets or virtual assets as legal tender in the UAE”. In September 2021, the regulator said: “The only legal tender in the UAE is the UAE dirham.”
Buy Crypto In UAE
You can buy buy crypto in UAE the same way you buy Bitcoin. You need to open a trading account with a broker or crypto exchange, deposit money using a debit or credit card, choose the right cryptocurrency and store it on a e-wallet.
The best broker to buy crypto in UAE is eToro and the best exchange is Coinbase.
How to Buy Cryptocurrency in UAE?
To buy cryptocurrency in UAE you need to open an account with a regulated broker or exchange, deposit funds using credit or debit card and complete the cryptocurrency purchase.
1. Sign Up at a Cryptocurrency Exchange or Broker
The most common way to buy cryptocurrency in UAE is to open a trading account with one of the crypto Exchanges (BitOasis, Kraken, Coinbase) or a brokerage account at one of the brokers offering cryptocurrency trading (eToro).
2. Deposit Money
After the trading account verification is finished you are allowed to deposit money using a direct bank transfer or credit card. Money deposits take up to 3 days to appear on your account.
3. Buy Cryptocurrency
After your money is visible on your trading account you can buy cryptocurrencies the exchange or broker is offering using their trading platform. You are allowed to buy fractions of each cryptocurrency.
4. Store Cryptocurrency
The safest way to hold cryptocurrency is by storing it on a e-wallet with a private key. This way you keep your purchase safe also if the broker or exchanges is hacked or stops working.
Users buy cryptocurrency in UAE the same way they buy BTC. The most common way to buy cryptocurrency in UAE is through an regulated online broker like eToro. eToro is a Broker and an Exchange at the same time and offers traders unlimited options to buy, sell and hold cryptocurrencies in UAE.
We recommend new users to check with the Exchange or Broker if they trade with the cryptocurrency they are interested in before opening an account.
The Regulation of Cryptocurrencies in UAE
Currently there is no unified regulation on cryptocurrencies in UAE and trading with virtual assets like Bitcoin still remains Illegal. Following the latest statement of The Central Bank of the UAE saying that crypto or virtual assets are not presently accepted or acknowledged as legal tender in the UAE, the only legal tender in this country recognised by the central bank remains the UAE dirham.
While the legality of virtual currencies is still vague, cryptocurrency exchanges like BitOasis have been licensed to operate in the global crypto market. As of now UAE citizens are allowed to buy, sell and hold cryptocurrencies like Bitcoin as investments, but they are not able to buy any physical goods with them.
eToro is the best platform to buy Bitcoin in UAE and Dubai. They have excellent reputation and provide world-class BTC trading services for UAE residents. eToro has zero hidden fees, zero commission, great copy trading tools and a trading platform for traders of all levels of experience. BitOasis is a leading digital currency exchange that supports Bitcoin trading in UAE and Dubai. If you want to buy Bitcoin as CFD we recommend to use XTB broker.
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All trading involves risk. More than 80% of investors lose in spread bet and CFD trading. As these complex instruments allow for the use of leverage, there is a high risk of losing more money than you have deposited. Before attempting to participate in spread bets and CFDs, consider how well you understand them and if you can afford to lose your money.
- 1 Best UAE Crypto Exchange to Buy Bitcoin
- 2 Bitcoin UAE Exchanges in Overview
- 3 How To Buy Bitcoin In UAE And Dubai
- 4 How To Buy Bitcoin and Crypto With eToro?
- 5 How to Buy Cryptocurrency in UAE?
- 6 Summary